Experian Launches Precise ID(SM), Delivering Comprehensive Fraud Detection and Management Through Analytics and Data
Precise ID(SM) combines sophisticated analytics, a wide breadth of data and flexibility to keep pace with changing fraud threats
COSTA MESA, Calif., Nov. 14 / -- Experian®, a global information solutions company, today announced the launch of Precise ID(SM), the most comprehensive fraud management platform on the market today. Precise ID combines a wide range of fraud-fighting and identity-authentication tools that utilize an industry-leading breadth of data sources to provide an accurate picture of each applicant and analytics that produce actionable fraud scores for application fraud and identity screening. Sophisticated analytics classify and score potential fraud and recommend the most effective and most efficient treatment.
"Precise ID attacks fraud with an unparalleled combination of precision and flexibility," said Marc Kirshbaum, president, Experian's Fraud Solutions. "With fraud attacks constantly changing, Precise ID provides financial institutions the power to adapt their systems quickly, minimize fraud losses and not slow down transactions initiated by the good customers with whom our clients want to do business."
Results show that Precise ID is very effective in reducing fraud losses and operational management costs. One internal validation performed for a large retail card company showed its fraud capture rate increased from 25 percent using the company's internal models to greater than 46 percent using Precise ID. The company achieved this improvement in fraud capture rate, and associated reduction in false positive rate, while maintaining the same refer volumes. While each client's results will be unique, the combination of a breadth of data sources and multifaceted models has shown lift, especially in detecting first-party fraud.
Precise ID brings together a powerful, comprehensive suite of tools designed to fight fraud in the strongest yet most efficient way possible. Analytics, decisioning and optimization enable businesses to make automated risk-management decisions to manage the cost of fraud with fast transaction processing and low false positive rates. Fraud scores quickly and accurately assess the level of fraud risk, while validation and verification scores ensure a consumer's identity.
Precise ID's unparalleled depth and breadth of data sources provide a more accurate picture of each applicant. A single inquiry will access cross-industry shared application data, credit records, demographic and publicly available data. In addition, members of Experian's National Fraud Database(SM), the industry's only repository of known and verified fraud records, can access fraud data contributed by other members. This data has been verified as fraudulent, and the fraud type is categorized to determine the best prevention treatment.
Experian also designed Precise ID to be flexible and capable of meeting the unique demands of any business. Fraudsters adapt and their behavior shifts constantly, so the need for a platform that can adjust quickly is paramount. Precise ID models and decision strategies can be customized and modified to fit changing needs and fraud patterns.
In addition, Precise ID(SM) for Identity Screening offers identity verification tools that can help retailers in noncredit lending scenarios, such as point-of-sale and online transactions.
"Experian has put its full weight behind fraud prevention," added Kirshbaum. "We've drawn on our industry-leading expertise in analytics, data and implementation to create the most powerful fraud prevention tool on the market."
By providing a full suite of tools in a single, integrated platform, Experian is helping overcome many of the roadblocks that commonly confront a company's fraud management efforts. For instance, using a powerful all-in-one solution eliminates the need to code for multiple solutions and makes the system easier to update.
For more information about Experian's Fraud Solutions, please call 888 217 6064, extension 1209, or visit www.experian.com/fraud_solutions.
About Experian
Experian is the global leader in providing value-added information solutions to organizations and consumers. It has an unrivaled understanding of individuals, markets and economies around the world. Experian provides information, analytics, decision-making solutions and processing services. It assists organizations in understanding their markets and customers and helps them find, develop and manage profitable customer relationships to make their businesses more profitable. Experian promotes greater financial health among consumers by enabling them to understand, manage and protect their personal information and helping them control financial aspects of key life events. Experian works with more than 50,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, e-commerce, property and government. A subsidiary of GUS plc with headquarters in Nottingham, UK, and Costa Mesa, Calif., Experian's 12,000 people in 28 countries support clients in more than 60 countries. Annual sales exceed $2.5 billion.
For more information, visit the company's Web site at www.experian.com.
Source: Experian
CONTACT: Susan Henson, Public Relations, Experian, +1-714-830-5129, susan.henson@experian.com
Web site: www.experian.com/fraud_solutions
Web site: www.experian.com/
